Post
Topic
Board Economics
Re: Are Cryptocurrencies Really Money?
by
SirLancelot
on 30/01/2021, 03:31:42 UTC
People hating on paper money since stone age. I expect no less if this kind of poll is held the result will be the same. But, I think the reason why the poll result turns out to be like this not because they really oppose the centralization but simply because the technology like cryptocurrency has rendered paper money to be kind of obsolete and tbh paper money was initially used to represent gold in the past but now it's kinda different.
It is not about the tech in the way you mean, it is obviously about the tech in the decentralized situation but not in the "we can now just send it with a click" type of tech reasons. Bitcoin is still quite expensive to use, transaction fees are a lot and waiting period is over half an hour if you pay an average fee (fast only if you pay huge amounts), so we can say that as technology for making payments better, bitcoin has already failed, and as a "currency" it is not viable at all.

The reason why people would prefer crypto over fiat is the fact that in the fiat world rich people do whatever they want and when they bankrupt they just get bailed out while regular people who gets bankrupted can't be saved and just let starve, which is why people think it is unfair, either bail out everyone or bail out no one but that unfair situation allowed bitcoin to exist and that is why people like it.